Top 10 Startup Business Grants Around the World
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A good business idea needs to be supported by good mentors and ample funding. In most cases, more than 60% of startup ideas wither away for lack of funding. In fact, there are many funding opportunities awaiting entrepreneurs across the world which are highly competitive and sometimes unknown to the majority of the people. This article will look at some of the top business grants for startups across the world. Further research on their nitty-gritty will help finalise the right place to approach if you have an innovative idea that can change the face of the way things are in the respective field.
Biotechnology Ignition Grant Scheme (BIG)
Multiplier Grants Scheme (MGS)
Startup India Seed Fund Scheme
Small Business Innovation Research (SBIR)
Amber Grant
IFundWomen Grants
FedEx Small Business Grant
Startup SG Founder
CSIRO Kick-Start
Isivande Women’s Fund (IWF)
Biotechnology Ignition Grant Scheme (BIG)
Grant: Up to INR 50 Lakhs
This flagship program of the Biotechnology Industry Research Assistance Council (BIRAC) provides financial and non-financial support to young Indian startups and entrepreneurial individuals in the field of biotechnology. The primary objective of the scheme is to foster a generation replete with ideas that have commercial potential, support enterprise formation and encourage people to take up technology closer to the market.
It is in fact the largest biotech funding programme in India as far as early-stage funding is concerned. The awardees will get up to INR 50 lakh. The best innovative ideas are selected through proposals which are invited twice a year i.e, 1st January and 1st July of every year. The selected ones are mentored and monitored by 8 BIG partners across the country. As of now, more than 6000 proposals have been received and 125 new startups incubated through the BIG Scheme.
Multiplier Grants Scheme (MGS)
Grant: Up to INR 2 Crore for Individual Industry; INR 4 Crore for Industry Consortium
With an aim to integrate academics and industry in a beneficial manner, the Department of Electronics and Information Technology (DeitY) has come up with Multiplier Grants Scheme (MGS). The scheme provides financial support to those products that are supported by the industry for their research and development in India. The awardees are selected based on the proposals submitted jointly by industry and institutions. Apart from strengthening the linkages between academics and industries, the scheme also aims at promoting research and development that are industry oriented in educational institutes, encourage the production of indigenous products and further fuel globalisation.
For individual industries, the government grants INR 2 crores per project and the duration of each project should be less than two years, while an industry consortium can get a grant of INR 4 crores and the duration should be less than three years. The funds for the projects are given to the institute alone while the agreement on sharing the IPRs/know-how and royalty should be shared between the industry and institute prior to receiving the first instalment of the grant.
Startup India Seed Fund Scheme
Grant: Up to INR 20 Lakhs
This scheme rolled out by the government of India aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialisation. The scheme is managed by the Department for Promotion of Industry and Internal Trade and will support recognised startups through Government assisted and Non-Government assisted Incubators. Eligible candidates can apply for the grants throughout the year. The startups are supposed to be 2 years old at the time of application. Additionally, the startup should have technology as its core product, service, business model, distribution model, or methodology.
Seema Banerjee
Small Business Innovation Research (SBIR)
Grant: Phase I - $50,000 to $275,000 ; Phase II- $750,000 to $1.8 million
The Small Business Innovation Research (SBIR) was formulated under the Small Business Innovation Development Act of 1982. It is a program exclusively for small businesses in the USA. The program aims to encourage small businesses to step into the domain of Federal Research/Research and Development (R/R&D) that has the potential to be commercialised. They also aim to foster and encourage participation in innovation and entrepreneurship by women and socially or economically disadvantaged persons. Additionally, they also attempt to foster technology transfer between institutes and industry.
The entire program is bifurcated into three phases whose nuances are extensively detailed on their website. In the first phase (6-12 months), the applicants can receive grants between $50,000 and $275,000; the grant for the second phase (24 months) depends upon the results attained in the first phase, and the amount ranges between $750,000 and $1.8 million. The third phase is the phase of commercialization and is not funded by SBIR. Rather, it is funded by some federal agency and is mainly done to achieve the objectives of commercialization.
Amber Grant
Grant: $10,000 to $25,000
Founded in 1998 by WomensNet, Amber Grant is a foundation that gives grants to women-owned businesses in the USA. It was started in the loving memory of Amber Wigdahl, who died at the age of 19. Every month, they give $10,000 to one woman entrepreneur. Apart from that, they give two separate women-owned business grants worth $25,000 at the end of the year. The first grant goes to one of the previous winners of the $10,000 monthly Amber Grant, and the second, $25,000 grant goes to one of the previous winners of the $10,000 monthly Business Category Grant.
Also, along with the sound funding they give, the group also extends personalised business advice and other support to their community members. They have a very simple application process wherein the applicant has to give details of their business. The recipients are announced on the 23rd of every month.
IFundWomen Grants
Grant: NA
With the aim of bridging the funding gap experienced by women entrepreneurs, IFundWomen is a funding marketplace that provides all the support from interested women. Through online fundraising, they provide immediate access to capital. They have a collaborative women's community that provides them with expert coaching, and professional creative production apart from giving small business grants. They have multiple varieties of grants which the entrepreneur can choose based on their requirements. The community also try to fund women from all kinds of background.
FedEx Small Business Grant
Grant: $5,000 to $50,000
Every year FedEx gives out grants to various small businesses including startups. The range of these grants varies from $5,000 to $50,000 apart from other business services offered by them. The applications open every February. Since its inception in 2012, it has given more than $1.5 million in cash to nearly 100 small businesses. This US-based business grant continues to be one of the most competitive funding programmes attracting more than 18,000 entrants in 2022 alone.
Ashwini
Startup SG Founder
Grant: Up to $50,000
Startup SG Founder is a funding opportunity that is open to all Singaporeans and their permanent residents. They provide funding of up to $50,000 for first-time entrepreneurs with innovative ideas by matching $5 to every $1 raised by the entrepreneur, for up to $50,000. They also give them mentoring support. The National University of Singapore is an Accredited Mentoring Partner (AMP) of this program. The primary goal of this programme is to encourage more people to take up entrepreneurship as a career pathway. The program mandates that the startups should have at least three entrepreneurs with two of them being first-timers.
CSIRO Kick-Start
Grant: $10,000 to $50,000
It is an initiative by the Australian government to support entrepreneurs and small businessmen in the country. Along with the funding, the program grants access to the CSIRO’s research expertise and capabilities. They give complete facilitation to those projects that research into a new area with commercial potential, or those products that have the potential to expand their customer base.
The Program provides matched funding as vouchers that are worth between $10,000 and $50,000. It is also important to note that the funding is not provided in cash to the business, but as vouchers to defray the cost involved in accessing the research and capability of CSIRO. Eligible candidates can apply for the program at any time of the year.
Isivande Women’s Fund (IWF)
Grant: $135,000 - $9 million (approx)
It is an initiative by the South African government to boost the economic empowerment of women in the region. The funds are granted to those enterprises that have been registered for at least 6 months and are 50% + 1 share owned and/or managed by women. Their customised loans are ranged from R30 000 to R2 million ($135,000 - $9 million approx).
Conclusion
There are a plethora of funding opportunities awaiting innovative business ideas. It is important to stay alert to the call for proposals. Besides having a good idea, one also needs to have an extensive plan on how to roll out the idea on a commercial scale. All the above-mentioned funding opportunities and grants are purely meant for entrepreneurs and can be availed at different times of the year.
FAQs
What amount of a grant can a startup receive under the Startup India Seed Fund Scheme?
For the validation of proof of concept, prototype development, or product trials, grants of up to INR 20 lakhs can be received under the Startup India Seed Fund Scheme.
What is FedEx Small Business Grant Contest?
FedEx Small Business Grant Contest is a contest by FedEx. The contest is meant to provide grants to small businesses in the USA in order to support and enhance their businesses.
Where can startups get funding?
Startups can get funding in many ways. These include:
- Self-finance or Bootstrapping
- Friends and Family
- Bank Loans
- Crowdfunding
- Angel Investors
- Venture Capitalists
- Government schemes and Grants
What are some popular business grants for startups across the world?
Some of the most popular business grants for startups across the world are:
- Biotechnology Ignition Grant Scheme (BIG)
- Multiplier Grants Scheme
- Startup SG Founder
- CSIRO Kick-Start
- Isivande Women’s Fund (IWF)
- Amber Grant
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